USA: Corn up for 3rd session on strong demand, wheat slips

Chicago corn gained more ground on Wednesday, with strong demand and higher prices in the physical market lifting futures for a third straight session to a one-week high. Wheat fell for a second session, but losses were limited by diminishing prospects of an increase in exports from war-torn Ukraine. “Prices in the physical market are pretty firm,” said one Singapore-based feed grains trader. “Traders who had sold corn in tenders are covering positions.” The most-active corn contract on the Chicago Board of Trade (CBOT) was up 1.2% at $7.65-3/4 a bushel, as of 0249 GMT, after climbing to its highest since May 31 at $7.68-1/4 a bushel. Wheat slipped 0.5% to $10.66-3/4 a bushel, while soybeans added 0.9% to $17.44-1/4 a bushel. Spot basis bids for corn strengthened at rail terminals, processors and elevators across the U.S. Midwest on Tuesday, grain dealers said. The wheat market had climbed more than 5% on Monday, as reports of Russian strikes on Kyiv and the port of Mykolaiv ...